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American Exxon bought its shale competitor Pioneer for $60 billion

American Exxon bought its shale competitor Pioneer for  billion

Image: Getty Images

The big deal will make Exxon Mobil the leader in shale oil in the United States.

Exxon Mobil has agreed to buy US rival Pioneer Natural Resources Exxon Mobil for about $60 billion, putting it on top of the biggest US oil field and giving it a decade of cheap production. This was reported by Reuters on Wednesday, October 11.

The deal would be Exxon’s biggest since its $81 billion purchase of Mobil Oil in 1998, years before the shale boom.

Exxon is buying Pioneer, which has made significant gains from the shale revolution to become the world’s largest oil producer in less than a decade. The deal will close in early 2024.

Exxon has emerged from a period marked by losses and big losses over the past two years by cutting costs, selling dozens of assets and benefiting from high energy prices caused by the raid. of Russia in Ukraine.

Last year, the company earned a record revenue of $56 billion. The company has set aside about $30 billion in cash in anticipation of the deals, analysts said.

Pioneer is the largest operator in the Permian Basin, accounting for 9% of total production, while Exxon is fifth with 6%.

The Permian is highly regarded in the US energy industry for its relatively low oil and gas production costs, with the lowest production costs averaging around $10.50 per barrel.

We remind you that the oil market reacted to the war with Israel. Oil prices rose nearly 3% amid attacks by Hamas militants in the country and geopolitical risks to fuel supplies.

China’s three oil and gas giants have declared global sponsors of the war
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Source: korrespondent

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